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Menu_30_Sep_10 - i Diminishing c Budget line i Income...

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TODAY’S MENU: Thursday 30 September 2010 I. BUSINESS A. Practice Problems 1. Chapter 10: 1, 2, 4-8, 14 2. Chapter 10 Appendix: ALL B. Second Exam: Two weeks from today (14 October) II. SUBSTANCE A. Trade restrictions 1. Quota a. How managed? 2. Tariffs vs. Quotas: longer term results 3. Rationales for imposing restrictions 4. Conclusions B. Consumption decisions, economist style 1. Motivation 2. Basics a. Total utility b. Marginal utility
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Unformatted text preview: i. Diminishing c. Budget line i. Income changes ii. Price changes d. Goal: maximize total utility…subject to budget constraint e. Maximizing rule 3. Example 4. Effects of budget change 5. Another example 6. Effects of price change a. Substitution effect b. Income effect 7. Even more examples III. NEXT TIME A. Finish Chapter 10: “The Logic of Individual Choice…”...
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